you're right in your description of detroit but detroit is kind of one of a kind. it is actually a mistake. there are people who said that. none of them are on this panel. it is a mistake to say we're all greek -- we're all greece or we're all detroit. detroit with its declining tax base, that is really at the heart of many of the problems we're seeing here other cities don't quite face that. and there are bad actors but there are also good actors. it is clear that almost no pension plan is fully funded. almost no pension plan is fully funded. once you get on 80% or 90%, you're in very good shape. >> maybe that's what we need to change. >> i would point out that part of the reason you don't have overfunded pension funds is that government regulations discourage funds from having more than 80% or 90%. that's a real problem. you get years like 2007 or 1999 where you've got a big booming market. and then the irs says disgorge all these extra overfunding that you have. and then when the market crashes, as everyone knew it would, a lot of these ended up in problems. i a